Citibank India FY23 net profit grows 26%
Citibank India on Tuesday reported a 26% year-on-year net profit in the previous financial year, excluding the one-time gain arising from the sale of its consumer business to Axis Bank.
The foreign bank's profit after tax in the year ended March 31 was at ₹13,614 crore including a post-tax one-time gain of ₹8,914 crore from the sale of the consumer banking business to Axis Bank, Citi India said in a statement.
For the previous financial year, Citi India's underlying profit was at ₹4,700 crore versus ₹3,727 crore in the previous financial year.
The bank's net interest margin in FY23 was at 5.15%, up from 4.65% in the previous financial year.
Asset quality improved, with gross non-performing asset ratio falling to 0.41% as of March 31, from 1.07% the previous year.
The net NPA ratio was at 0% versus 0.39% a year ago.
As of March 31, 2023, Citibank's total assets were at ₹2.17 lakh crore.
Citibank India extended loans worth ₹35,001 crore to agriculture, affordable housing, renewable energy and micro, small, and medium enterprises.
«The disciplined execution of our refreshed strategy has led to strong earnings.
We are leveraging the capabilities in our Institutional Clients Group business to support our clients' needs through best-in-class innovative solutions across our Trade and Treasury solutions, Markets and Securities Services businesses,» said Citibank India CEO Ashu Khullar.
In the previous financial year, the bank helped raise ₹40,770 crore worth of equity capital and ₹14,382 crore of debt capital for clients, it said in the release.
